But today’s report reveals the full scale of pay offs. There were 4,689 in total (nearly 2,000 of which were compulsory redundancies) which amounted to £52 million (table below)

The Education Funding Agency (EFA) has strict rules on handing out such deals. Trusts have to put together a business case for every pay-out, which the agency can demand to see so it can check value for money.

Trusts must also get approval from the secretary of state for any compensation deals that are more than £50,000.

Academy staff exit packages

3. Auditors are flagging more concerns about academy accounts

The number of “qualified” opinions (meaning the auditor has concerns, such as a lack of information or the ongoing viability of the trust) crept up from 36 in 2013-14, to 30 last year.

There has also been a rise in the number of academies from 2,691, to 2,905 – which somewhat cancels the increase out.

But, the number of “unqualified but with emphasis of matter” judgments (which means the auditor has significantly uncertainty over a disclosure) has trebled, up from 36 to 92.

The government says this rise is, in part, down to the department’s advice for “auditors to take a more rigorous approach to drawing trustees’ attention to issues of financial challenge”.

Academy audit opinions

4. Academies spent more than £80m in one year repaying private firms under PFI deals

The report shows academies paid out £81 million in service charges on PFI deals last year alone. It doesn’t include figures for previous years – so it’s not possible

5. The 50 related-party transactions over £250k

As previously reported by Schools Week, there were 52 payments of more than £250,000 classed as “related-party transactions” – payments between a trust and a related person, or company related to such person.

However the academies report also reveals there a total of 46 payments of more than £250,000 to a trust FROM a related party. However no more details are included.

6. The government is becoming much more transparent over academy spend…

According to today’s publication, next year’s sector report will include LOTS more details about academies, such as:

Commentary on any reported frauds in the sector

The names of trustees – including academy chiefs – paid over £150,000

The amount trusts spent on consultancy fees

The amount the sector spend paying staff off-payroll (which is frowned upon by the Treasury)

He wants the sector report to include details of large donations to trusts – including who is making them. As Schools Week has previously revealed – in a four-page investigation – it’s hard to find out just how much philanthropists are ploughing into academies.

He also wants further details about PFI commitments and more details about losses and special payments made by trusts.

He wrote: “Overall, we remain to be convinced that the revised arrangements will provide an adequate level of transparency and accountability of the department’s expenditure on academies.”

Department officials will be called before the committee again in the New Year to report on their progress.

8. DfE: There’s still more to come

Jonathan Slater, in a letter to Carmichael also published today, said the “dry run” did not include a full set of information and there are lots of accounting adjustments they are working through before next year’s report, which he plans to publish by June 30th.

He wrote: “We are currently undertaking some more detailed planning work, working with all those involved, including academy representative bodies, the Treasury and the National Audit Office”.

A DfE spokesperson added: “All academies operate under a strict system of financial oversight and accountability – more robust than in council-run schools. Where issues are identified we can and do take direct action.”